FXstreet.com (Barcelona) - The Euro pulled down ahead of the European opening to intra-day low at 1.4325, although the pair has returned to levels above 1.4340/50 on the back of positive stock markets.

According to Carol Harmer, technical analyst at Charmer Charts, the Euro is on the upside while above 1.4335/30: above 1.4335/30 does leave scope for this to trade higher this morning with 1.4407/15 once more your targeted area. Buyers are looking to take profits to here. Buyers will once more come into the market if above 1.4420, this would push the market higher for the recent highs of 1.4445/50.

On the downside, below 1.4330, the Euro could decline to 1.4220/05, says Harmer: Shorter term, if back below 1.4330, it would take upside pressure off and leave the market poised again for 1.4220/05. You are still covering shorts to these lower levels and only re-instating shorts below 1.4200.